The idea is simple. Even though Biden may limit oil output in the future with various bills, it hasn't happened yet, and it will most likely take a lot longer than what most people expect because the US government wouldn't slow the economy down with higher oil prices right now of obvious reasons. The oil price is back to pre-covid levels, but the demand is not. Some analysts expect oil demand to be back to pre-covid levels in 2023 which is far out in the future. I would say the short term bull run has been fueled by the expectation of a lower output and instant demand recovery as the world opens up. There is however not a reason for oil prices to be back to pre-covid levels because most of the world is still shut down and air traffic is almost non existent. I'm shorting oil down to around 54-55 $